Riviera Beach, September 26, 2025
News Summary
Related Group and partners secured a $100.3 million construction financing package to build the Residences at Marina Village, an eight‑story, 149‑unit workforce housing project on a 2.4‑acre site in Riviera Beach. The building will target households earning 30%–110% of area median income and was funded through a mix of public and private sources, including state housing finance, banks, county and CRA contributions. The project sits within the larger 90‑acre Marina Village redevelopment and complements adjacent proposals, while local county programs continue providing short‑term shelter and rehousing support for unhoused residents.
Related Group secures $100.3M construction loan for 149‑unit Residences at Marina Village
A major financing package totaling $100.3 million has been secured to build a new workforce housing complex in Riviera Beach. The project, called Residences at Marina Village, will rise on a 2.4‑acre lot at 57 East 12th Street and was approved by the city in June for an eight‑story, 149‑unit apartment building aimed at households earning between 30 percent and 110 percent of Palm Beach County’s area median income.
How the financing is structured
Public and private sources combined to reach the $100.3 million total. Records show the breakdown as:
- $54 million from the Florida Housing Finance Corporation and Bank of New York Mellon
- $1.5 million from the Riviera Beach Community Redevelopment Agency (CRA)
- $4.7 million from Palm Beach County
- $38.6 million from M&T Bank
- $1.5 million from RUDG Investor LLC, a Jorge Pérez‑registered Florida entity
The financing package supports a workforce model that uses targeted subsidies and mixed funding to serve a broad range of incomes. Palm Beach County’s area median income was reported at $104,000 in 2024, which positions the planned units to support a mix of low‑ and moderate‑income households.
Project partners and context
The Miami‑based developer leading the project is working in partnership with a local development firm. The team includes Tezral Partners, a firm led by a former Riviera Beach CRA director and a co‑founder, and the project sits within a larger redevelopment plan for the 90‑acre Marina Village site. The Residences are positioned north of the Port of Palm Beach and directly opposite Peanut Island.
Adjacent large‑scale tower and competing proposals
On an adjacent parcel within Marina Village, partners including Related and Aventura‑based BH Group plan a 20‑story building called Gallery at Marina Village. That project is planned for 2.5 acres at 1300 Broadway and would include 418 units, about 3,000 square feet of retail, 3,000 square feet of office space and a 648‑space parking garage.
The Riviera Beach CRA voted in July to reissue a development bid after the first solicitation produced only one responsive proposal. Separately, a California‑based developer has indicated plans to propose a branded hotel project for Marina Village, including an eight‑story, 150‑room hotel and a larger mixed plan that could add condos, restaurants, another 150‑key hotel and a 900‑space parking garage.
Local housing and shelter initiatives
In parallel with the redevelopment activity, county‑funded short‑term housing assistance has provided temporary shelter and rehousing help for unhoused residents of Riviera Beach. Since May, two motels in the city have sheltered people as they move toward permanent housing solutions. The motels provided temporary stays for roughly 130 people, helping at least 100 people who had been experiencing homelessness secure interim shelter and supportive services.
The motel initiative was enabled by a nearly $480,000 grant from Palm Beach County and included case management that covered up to two months of motel stays plus a brief stabilization extension for families. Support also extended to first and last month’s rent and security deposits as participants transitioned to permanent units. Several program participants moved from car living, couch surfing and unstable conditions into longer‑term housing with the program’s assistance; the initiative also provided time for health and rehabilitation steps.
Other regional construction activity
In West Palm Beach, a joint venture closed a $285 million construction loan and has broken ground on a luxury hotel and residences project. That development will deliver a 146‑unit residential component alongside 110 hotel suites and an array of amenity spaces including pools, wellness facilities and curated shared spaces. The construction loan was provided by a specialty capital lender, and the residential portion had achieved significant pre‑sales at the time financing closed.
Timing and next steps
With city approval already in place for the Residences at Marina Village, the newly assembled financing clears a major hurdle toward construction. The project is part of a broader redevelopment of Marina Village that includes high‑density residential towers, parking infrastructure and retail elements, and it sits amid multiple competing and complementary proposals that will shape the waterfront neighborhood in the coming years.
Frequently Asked Questions
What is the total financing for Residences at Marina Village?
The project secured a combined $100.3 million in construction financing from public and private sources.
How many units and what income levels will the project serve?
The plan calls for an eight‑story, 149‑unit apartment building targeted to households earning between 30 percent and 110 percent of the county area median income.
Where is the project located?
The Residences are planned for a 2.4‑acre site at 57 East 12th Street within the 90‑acre Marina Village redevelopment, north of the Port of Palm Beach and opposite Peanut Island.
Who are the partners and lenders involved?
Financing sources include state housing finance and commercial banks, county and city redevelopment funds, and a private entity linked to the lead developer. The developer is working with a local development partner on the project.
How does this fit with other development and housing efforts in Riviera Beach?
The Residences complement a planned adjacent 20‑story, 418‑unit tower and sit amid competing proposals for hotels and larger mixed‑use development. The project also sits alongside short‑term county‑funded housing programs that have been helping unhoused residents transition into permanent housing.
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Key project features
| Feature | Details |
|---|---|
| Project name | Residences at Marina Village |
| Location | 57 East 12th Street, Riviera Beach (2.4 acres) |
| Units | 149 apartment units |
| Income targeting | Households at 30%–110% of Palm Beach County AMI (AMI $104,000 in 2024) |
| Total construction financing | $100.3 million (mixed public/private sources) |
| Adjacent project | Gallery at Marina Village — planned 20‑story, 418 units on 2.5 acres at 1300 Broadway |
| Local housing initiatives | County grant‑funded motel program providing temporary stays, move‑in assistance and deposits for individuals moving to permanent housing |
Deeper Dive: News & Info About This Topic
Additional Resources
- The Real Deal: Related lands $100M financing for Riviera Beach apartments
- Wikipedia: Residences at Marina Village Related Group Riviera Beach financing
- ConnectCRE: Related obtains $92.6M loan for Riviera Beach apartments
- Google Search: Residences at Marina Village construction loan
- WPTV: County-funded program secures homes for 100 in Riviera Beach facing homelessness
- Google Scholar: Riviera Beach homelessness motel program Palm Beach County
- Multi-Housing News: Terra JV breaks ground on mixed-use development in West Palm Beach
- Encyclopedia Britannica: West Palm Beach mixed-use development Terra JV
- The New York Times: Palm Beach billionaires battle for oceanfront land
- Google News: Palm Beach oceanfront land billionaires battle
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